Hindustan Unilever (HUL) has received Competition Commission
of India’s (CCI) approval to acquire beauty and personal care brand
Minimalist's parent company Uprising Science. Jaipur-based Uprising Science is
engaged in the manufacturing and sale of beauty and personal care products,
baby care and hair care items under the brand name 'Minimalist'.
The proposed transaction involves the acquisition by
Hindustan Unilever, of 90.5 per cent shareholding of Uprising Science, with
eventual acquisition of the remaining 9.5 per cent shareholding of the Uprising
Science in about two years from the completion date as per the terms set out in
the share purchase & subscription agreement executed by and between HUL and
Uprising Science.
The company will also make a primary infusion of Rs 45 crore
with an eventual acquisition of the remaining 9.5 per cent of Uprising's
shareholding.
Hindustan Unilever is in the FMCG business comprising
primarily of Home Care, Beauty & Personal Care and Foods & Refreshment
segments.
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